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Saturday, October 13, 2012

Home Buyer Tips - Should you submit a back up offer?

As the Brevard County, Florida inventory of move in ready homes shrinks buyers are often faced with multiple offer situations.

If you have never been in one of these situations it is simple -  present your best offer and see what happens situations!  Sometimes the winner is the highest price or maybe the cash offer.

And then there are other times when an offer has already been presented.  But there are contingencies.  Or the offer price is not quite up to expectations.

The listing agent knows the contract may not be that strong.  There may be some repair issues on the table that the seller does not want to address.  There may be a financing contingency.  Financing contingencies can sometimes be pretty high hurdles depending on the lender being used.  My advice - a local, brick and mortar lender is preferred.

As a seller you want a back up offer – especially if it is as strong or maybe even stronger than the first offer.

As a buyerin second placeshould you submit a back up offer?

Consider whether you have the time to wait.   Do you really think this house is "the" one. 

One thing I have learned about real estate transactions - You never know.

Who knows?  It could be your back up offer will only be used by the seller's agent as leverage to get the first buyer to go higher or forgo some contingency.

Who knows?  It could just be a case of buyer's remorse and the first buyer walks and you get "the" one.

Your circumstances will dictate whether you pursue a back up offer.

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